BEIJING: The World Bank said on Tuesday China's economy will grow by just 7.5 per cent in 2009, the lowest level in 19 years, due partly to the global economic slowdown.
The forecast, made in the World Bank's quarterly update on China, is down from a previous estimate of 9.2 per cent, and would be the fourth lowest growth rate in the country since the launch of reforms three decades ago. The last time China's economy saw a similar slowdown was in 1990 -- amid international isolation following the Tiananmen massacre the year before -- when it grew by just 3.8 per cent. "The prospects of the world economy are much weaker than six months ago," Louis Kuijs, a World Bank senior economist, told a briefing in Beijing. "But in addition to that, the deceleration domestically has been more pronounced." Weakness in the housing sector is a major factor weakening the domestic side of the Chinese economy, he said. This year, China's economy is likely to grow by 9.4 per cent, the World Bank said in its report. In its previous quarterly update, it had predicted 9.8 per cent growth for 2008. Source : Economic Times --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
